A former top international banker, who stared down the Beehive with lending restrictions and official cash rates rises months from the election, is this year’s public sector chief executive of the year.

Graeme Wheeler, who became Reserve Bank governor in late 2012, was today named as the top public sector boss in political newsletter Trans Tasman’s fifth Annual Briefing Report.

Since replacing Alan Bollard, Wheeler has introduced controversial loan to value ratio limits on mortgages in an attempt to cool the housing market and raised the OCR twice this year.

Both moves were politically unpopular, but Trans Tasman said the ‘‘fresh ideas’’ made him chief executive of the year and the Reserve Bank’s best governor since Don Brash – a dig at Bollard, whose decade in charge was bookended by Brash and Wheeler.

‘‘He’s made some gutsy calls and stood up to the political pressure not to interfere in the iconic quarter acre dream,’’ the report said of Wheeler.

‘‘A courageous governor – and we will find out over the next year or so whether he made the right calls.’’

The awards were chosen by a 16-strong independent board of advisers.

Inland Revenue was named department of the year because of a ‘‘clear improvement in customer engagement’’ over the past 12 months.

‘‘One of the only departments leading the charge online for better customer and business interactions,’’ Trans Tasman said.

‘‘It is no longer just a compliance agency. It is also being seen by the public as a crusader which goes after people who try to avoid their tax obligations.’’

As an employer, I have to say dealing with the IRD is so much easier than years ago. No more waiting on hold – just send secure mail. Can check my account balances instantly, and lots of useful calculators.

The Reserve Bank Governor should be fiercely independent. It is a tribute to Wheeler that he listened politely to the Government wanting to exempt first home buyers from the LVRs, but then decided it wouldn’t work with that exemption and proceeded. It is unfortunate that Labour has vowed to over-turn that independent decision should they win Government.

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This entry was posted on Tuesday, June 3rd, 2014 at 12:00 pm and is filed under NZ Politics.
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13 Responses to “Wheeler named public sector chief executive of the year”

And the Ministry of Women’s Affairs, traditional whipping boy of the Independent Board of
Advisers, doesn’t escape this year either “Couldn’t think of anything this Ministry has actually
done so went to check the website. In 5 months it has issued only 4 press statements (Minister attends
UN, Ministry celebrates photo exhibition of women in construction, more women in workforce
since 1986 and a call for more CVs – note: not a call for more women on boards – just more CVs for
their database) These are not the statements of a proactive Department. Could raise profile.”

What I don’t understand is why there has to be an OCR – what is its purpose, and where does the money go? I must have a blind spot here . It has a vicious impact on people on a fixed low income – like pensioners – who still have a mortgage.
No-one has ever been able to explain it to me clearly – even my son, who was in the bank for many years.

I know that there needs to be the Reserve Bank to control money flow, overseas exchanges etc., but why can’t those with money to lend or invest simply do it on the open market?

I have no idea why LVR rules cannot be limited to Auckland. Most of the heat is Auckland central which is not first hone stuff. The RB could go further and make lending in Auckland to require more bank capital set aside.

When the $6b missing taxes hidden in tax havens are found we can call the IRD crusaders.

No wonder so many KiwiBloggers hate Nicky Hagers new book on tax havens.

Let’s remember, the National govt accepts Chinese bribes which I doubt will go into the infrastructure of this country.

The criminal tax losses certainly don’t. And how much of those tax havens belong to National Party members/MP’s
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I have 60k and want to buy a house. go along to the bank and say what will you lend me.
Well now we can do a second hand house for 300k by lending you $240k because you can mange the repayments just fine or we can lend you another $540k and you can buy a new house. You can still manage the repayments as you have a great income.

See the problem. This was about reducing the banks risk exposure.
BUT he bent over and did give into Govt. by allowing NEW houses to be exempt from this rule. So at 90% rather than 80% they can buy their 600K house because its not captured within the LVR.

Checked this out with a senior banker and he agrees it can be done.
There ya go.
Blind adherence to ideology and they praise him for being duplicitous.